Coinbase Introduces USD SWIFT Transfers in Singapore for Broader Crypto Onramp

Coinbase, a Nasdaq-listed cryptocurrency exchange, has expanded in the Singapore market by introducing United States Dollar (USD) transfers. The exchange announced that retail customers can transfer USD to and from their accounts using the SWIFT network. This feature is set to enhance access linking fiat and crypto.

The statement notes, “Customers can more easily access USDC – designed to be pegged, and redeemable 1:1, to the US dollar.”

Stablecoins like USDC are pegged against the dollar, making exchange easy with the currency. Coinbase is also strengthening its position outside the US.

Coinbase broadens offering in Singapore

The exchange said in the release that it recognizes Singapore as a crucial hub for international expansion. The largest US exchange obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in October 2023.

In the meantime, the Singaporean central bank has also been actively developing a cryptocurrency framework aimed at curbing speculation and reducing risks for retail investors in the sector. Despite setbacks stemming from major crypto industry collapses, Singapore continues to maintain a strong position alongside key players like Hong Kong and the UAE.

Earlier in 2023, Coinbase also reportedly integrated Singpass, Singapore’s digital identity system. It streamlined the process of customer onboarding on its platform. The exchange also unveiled the next phase of global expansion through the Coinbase International Exchange.

The exchange noted last week, “As we continue to expand our global presence with Coinbase International Exchange, spot markets will deliver a seamless, enhanced trading experience for perpetual futures traders and provide global users with greater access to a trusted non-US spot exchange.”

In the third quarter, Coinbase reportedly onboarded over 100 institutions, witnessing a trading volume of around $10 billion in perpetual futures. In October 2023, the company introduced perpetual futures to qualified retail users on its Coinbase Advanced platform.

Despite the expansion of its exchange operations, Coinbase currently finds itself in a challenging situation with the SEC. Following the SEC’s rejection of Coinbase’s request for cryptocurrency rulemaking on December 15, the crypto exchange swiftly filed an appeal against the decision.